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RBA Glossary definition for FRB/US

FRB/US – Model of the US Economy used by the Board of Governors of the Federal Reserve System

RBA Glossary definition for US$

US$ – US dollar

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Appendix B: FRB/US Fiscal Equations

29 Aug 2014 RDP 2014-02
Peter Tulip
RDP 2014-02: Fiscal Policy and the Inflation Target Appendix B: FRB/US Fiscal Equations. ... Download the Paper 847. KB. This appendix presents key equations in the fiscal block of FRB/US, modified to include the effects of countercyclical stimulus, d.
https://www.rba.gov.au/publications/rdp/2014/2014-02/appendix-b.html

The FRB/US Model

10 Dec 2014 RDP 2014-02
Peter Tulip
RDP 2014-02: Fiscal Policy and the Inflation Target 4. The FRB/US Model. ... Cogan et al (2010) have argued that FRB/US multipliers are too high.
https://www.rba.gov.au/publications/rdp/2014/2014-02/model.html

Fiscal Policy and the Inflation Target

18 Dec 2014 RDP 2014-02
Peter Tulip
Research Discussion Paper – RDP 2014-02 Fiscal Policy and the Inflation Target. Peter Tulip. March 2014 – ISSN 1320-7229 (Print), ISSN 1448-5109 (Online). 847. KB. The Discussion Paper series is intended to make the results of the current
https://www.rba.gov.au/publications/rdp/2014/2014-02/

Appendix A: Measurement of Recent Stimulus

29 Aug 2014 RDP 2014-02
Peter Tulip
To avoid double-counting, I want to exclude measures that the standard FRB/US equations predict would have occurred anyway. ... So restricting estimates of stimulus to the three large bills is a crude but simple approximation to the increase in transfers
https://www.rba.gov.au/publications/rdp/2014/2014-02/appendix-a.html

Expectations

10 Dec 2014 RDP 2014-02
Peter Tulip
This can be seen in Table 3, which compares FRB/US fiscal multipliers calculated using VAR expectations and calculated using the nonlinear model-consistent version of FRB/US (called ‘PFVER’). ... Table 3: FRB/US Fiscal Multipliers, with Different
https://www.rba.gov.au/publications/rdp/2014/2014-02/expectations.html

Introduction

29 Aug 2014 RDP 2014-02
Peter Tulip
Several researchers have quantified this argument. Most prominently, Reifschneider and Williams (2000) conduct stochastic simulations of the Federal Reserve's FRB/US model and conclude that the zero lower bound noticeably ... As in this paper, Williams
https://www.rba.gov.au/publications/rdp/2014/2014-02/introduction.html

The Effect of Fiscal Stimulus

12 Dec 2014 RDP 2014-02
Peter Tulip
Download the Paper 847. KB. To consider the effect of fiscal stimulus, I run repeated stochastic simulations of FRB/US about its long-run steady state. ... The simulations reported in Panel A of Table 2 are in line with previous research using FRB/US.
https://www.rba.gov.au/publications/rdp/2014/2014-02/effect-fiscal-stimulus.html

References

29 Aug 2014 RDP 2014-02
Peter Tulip
Billi RM (2011), ‘Optimal Inflation for the US Economy’,. American Economic Journal: Macroeconomics. , ... Brayton F and P Tinsley (eds) (1996), ‘A Guide to FRB/US: A Macroeconomic Model of the United States’, Board of Governors of the Federal
https://www.rba.gov.au/publications/rdp/2014/2014-02/references.html

Directions for Future Research

29 Aug 2014 RDP 2014-02
Peter Tulip
The current version of FRB/US is not specified so as to address this question, because the costs of countercyclical fiscal policy in FRB/US are simply assumed to be unimportant.
https://www.rba.gov.au/publications/rdp/2014/2014-02/directions-future-research.html

Modelling Countercyclical Fiscal Policy

10 Dec 2014 RDP 2014-02
Peter Tulip
The modified fiscal equations of the model are presented, using FRB/US mnemonics, in Appendix B. ... One alternative would be to re-estimate the fiscal equations of a macroeconomic model, such as FRB/US.
https://www.rba.gov.au/publications/rdp/2014/2014-02/modelling-countercyclical-fiscal-policy.html